Choreo LLC Takes Position in Old National Bancorp (NASDAQ:ONB)

Choreo LLC purchased a new position in Old National Bancorp (NASDAQ:ONB) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 23,536 shares of the bank’s stock, valued at approximately $511,000.

Other hedge funds also recently bought and sold shares of the company. Fisher Asset Management LLC lifted its stake in shares of Old National Bancorp by 2.9% in the 3rd quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank’s stock valued at $59,453,000 after purchasing an additional 90,747 shares during the last quarter. Citigroup Inc. raised its holdings in Old National Bancorp by 12.1% during the 3rd quarter. Citigroup Inc. now owns 485,023 shares of the bank’s stock valued at $9,051,000 after buying an additional 52,430 shares during the period. LMR Partners LLP bought a new stake in Old National Bancorp in the third quarter worth $452,000. JPMorgan Chase & Co. boosted its stake in Old National Bancorp by 13.5% during the third quarter. JPMorgan Chase & Co. now owns 3,498,108 shares of the bank’s stock worth $65,275,000 after buying an additional 416,647 shares during the period. Finally, Fifth Third Wealth Advisors LLC bought a new position in Old National Bancorp during the fourth quarter valued at $209,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ONB. Raymond James restated a “strong-buy” rating and issued a $29.00 target price (up previously from $28.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Barclays raised their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Royal Bank of Canada restated a “sector perform” rating and set a $26.00 target price (up previously from $24.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods increased their price target on Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. Finally, Piper Sandler restated an “overweight” rating and set a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $26.29.

Old National Bancorp Stock Performance

Old National Bancorp stock opened at $24.14 on Wednesday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.93. The company has a market capitalization of $7.70 billion, a PE ratio of 14.37 and a beta of 0.88. The company has a 50 day moving average price of $22.57 and a 200-day moving average price of $20.61. Old National Bancorp has a fifty-two week low of $15.36 and a fifty-two week high of $24.49.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a return on equity of 14.32% and a net margin of 18.24%. During the same quarter last year, the firm posted $0.46 earnings per share. As a group, equities analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current year.

About Old National Bancorp

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.